Make CSR expenditure tax deductible recommends High Level Committee on CSR

Make CSR expenditure tax deductible recommends High Level Committee on CSR in its report submitted to Government.
 
Shri Injeti Srinivas, Secretary (Corporate Affairs), today presented the Report of the High Level Committee on CSR to the Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman.
 
The Committee has made far reaching recommendations. 
 
The main recommendations  include, making CSR expenditure tax deductible, provision for carry forward of unspent balance for a period of 3 – 5 years, aligning Schedule 7 with the SDGs by adopting a SDG plus framework (which would additionally include sports promotion, Senior Citizens’  welfare, welfare of differently abled persons, disaster management and heritage protection), balancing local area preferences with national priorities, introducing impact assessment studies for CSR obligation of 5 crore or more, and registration of implementation agencies on MCA portal.  The other recommendations include developing a CSR exchange portal to connect contributors, beneficiaries and agencies, allowing CSR in social benefit bonds, promoting social impact companies, and third party assessment of major CSR projects.
 
The Committee has emphasized on not treating CSR as a means of resource gap funding for government schemes.  The Committee discourages passive contribution of CSR into different funds included in Schedule VII of the Act.  It has emphasized on CSR spending as a board driven process to provide innovative technology based solutions for social problems.  The Committee has also recommended that companies having CSR prescribed amount below Rs. 50 lakh may be exempted from constituting a CSR Committee.  The Committee has also recommended that violation of CSR compliance may be made a civil offence and shifted to the penalty regime.
 
The High Level Committee on CSR was constituted in October, 2018 under the Chairmanship of Secretary (Corporate Affairs) to review the existing CSR framework and make recommendations on strengthening the CSR ecosystem, including monitoring implementation and evaluation of outcomes.  The Members of the Committee included Shri Sameer Sharma, DG & CEO, Indian Institute of Corporate Affairs, Dr. A.K. Mittal, former CMD, NBCC, Shri N. Chandrasekaran, Chairman, Tata Sons, Shri Amit Chandra, MD, Bain Capital Private Equity, Shri B.S. Narasimha, former Addl. Solicitor General of India, Shri Rajeev Luthra, Founder & MD, Luthra and Luthra Law Office, Smt. Shobana Kamineni,  Executive Vice Chairperson, Apollo,    Prof. Anil Gupta, Founder, Honey Bee Network and Professor, IIM, Ahmedabad, Dr. Narinder Dhruv Batra, President, Indian Olympic Association, Shri S. Santhanakrishnan. Chartered Accountant, and Shri Mathew Cherian, CEO, Helpage India.  Shri Gyaneshwar Kumar Singh, Joint Secretary, Ministry of Corporate Affairs, was the Member and Convener.

read latest abcaus posts

Read by Tags abcaus posts

addition u/s 68 budget 2017-18 ca misconduct cash deposit in bank CBDT cbdt circular CBDT Instruction cbdt notification cbdt order cbdt press release CGST cit revision 263 concealment penalty custom circular demonetisation due date extension e-way bill faq GST circular GST Clarification GST Council Meeting gst faq GSTR-3B GST rates gst refund IBBI icai income tax prosecution itat ITAT Delhi ITC CREDIT MCA notification order u/s 119 penalty 271(1)(c) penalty u/s 271(1)(c) Press Release reasons recorded reopening 148 Reopening us 147 sebi circular service tax notification transfer and postings unexplained cash credits validity of notice u/s 148 Withdrawal of 2000 500 Bank Notes

----------- Similar Posts: -----------

Leave a Reply

Subscribe to ABCAUS Newsletter

Get reliable, authentic and latest updates on taxation/corporate and other laws in your mail box free.



After subscribing, please check your email (including spam or junk folder) and activate the subscription link by clicking it.